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Key information
The sub-fund invests primarily in securities and in units of investment funds ("target funds"). The term "securities" includes fixed-interest bonds traded on regulated markets (including zero bonds), variable-interest bonds, convertible bonds and bonds with warrants with options on securities, and equities, equity index certificates, share basket certificates and certificates.
Key information
ISIN: | LU0377290357 |
WKN: | A0Q6BK |
Category: | Balanced Funds - Flexible |
Minimum Equity: | 25% |
Partial Exemption of Income ¹: | 15% |
VG/KVG: | DJE Investment S.A. |
Fund Management: | DJE Kapital AG |
Risk Category: | 3 |
This sub-fund/fund promotes ESG features in accordance with Article 8 of the Disclosure Regulation (EU Nr. 2019/2088). | |
Type of Share: | accumulation |
Financial Year: | 01.01. - 31.12. |
Launch Date: | 01/08/2008 |
Fund currency: | EUR |
Fund Size (01/07/2024): | 188,41 Mio EUR |
TER p.a. (29/12/2023): | 0,85 % |
Reference Index: | - |
Fees
Initial Charge: | 7,000 % |
Management Fee p.a.: | 0,600 % |
Custodian Fee p.a.: | 0,070 % |
Advisory Fee p.a.: | 0,30 % |
Performance Fee p.a.: 5% of the positive performance of the unit value, provided that the unit value at the end of the settlement period is higher than the highest unit value at the end of the previous settlement periods [high water mark principle]. I.e. an additional remuneration [performance fee] only accrues again when the net reduction in value achieved has been fully offset. The settlement period begins on 1 January and ends on 31 December of a calendar year. Payment is made at the end of the accounting period. For further details, see the sales prospectus. |
no esg data available
- The fiscal treatment depends on the personal circumstances of the respective client and can be subject of change in the future.
Perfomance Chart
Performance in Percent
Rolling performance in %
Risk metrics (01/07/2024) |
|
---|---|
Standard Deviation (2 years): | 6,32 % |
Tracking Error (1 years): | - |
Value at Risk (99% / 20 days): | -3,91 % |
Maximum Drawdown (1 year): | -3,47 % |
Sharpe Ratio (2 years): | 0,24 |
Correlation (1 years): | - |
Beta (1 years): | - |
Treynor Ratio (1 years): | - |
Country allocation total portfolio (% NAV)
*Note: Cash position is included here because it is not assigned to any country or currency.
Data: Anevis Solutions GmbH, own illustration 28/06/2024
Top Country Allocation in % of Fund Volume (28/06/2024) |
|
---|---|
Luxembourg | 95,85 % |
Germany | 1,31 % |
United Kingdom | 0,94 % |
United States | 0,70 % |
France | 0,56 % |
Asset allocation in % of the fund volume (28/06/2024) |
|
---|---|
Funds | 95,85 % |
Bonds | 3,51 % |
Cash | 0,64 % |
Investment strategy
Chances
- Experienced fund manager with an analytical approach that has been tried and tested for many years
- The opportunities of the global equity and bond markets may be used – the fund is not restricted to one region or country
- Efficient mixture of equities and bonds with strategic risk diversification
Risks
- Equities may be subject to significant price falls
- Issuer country, credit and liquidity risks
- Currency risks resulting from the portfolio’s foreign investments
- Previously proven investment approach does not guarantee future investment success
- Price risks of bonds when interest rates rise
Target group
Der Fonds eignet sich für Anleger
- who seek flexibility in portfolio design
- who wish to take advantage of opportunities in both the equity and bond segments
- with a medium to long-term investment horizon
Der Fonds eignet sich nicht für Anleger
- who are not prepared to accept increased volatility
- who seek safe returns
- with a short-term investment horizon
Monthly Commentary
The stock markets in Europe and North America performed well in May and were largely able to equalise the losses from the previous month. The German stock index DAX rose by 3.16% and the broad European share index Stoxx Europe 600 gained 2.63%. The broad US index S&P 500 rose by 3.18%. The Hong Kong Hang Seng Index achieved a weaker but still positive result with a gain of 0.21%. Global equities, as measured by the MSCI World, advanced by 2.62%. The main driver behind this positive performance was once again market expectations that the doves could prevail over the hawks when it comes to monetary policy. The US Federal Reserve (Fed) announced its intention to sell fewer government bonds and thus adopt a somewhat less steep path for its quantitative tightening in future. At the same time, Fed Chairman Jerome Powell said that an interest rate hike is unlikely to be the next step. As the US labour market also reported fewer newly created jobs in April, concerns about an overheating economy faded. In addition, the inflation rate fell more sharply than expected in April from 3.5% to 3.4% and core inflation (excluding food and energy) from 3.8% to 3.6% - both compared to the previous year. This rekindled hopes of interest rate cuts by the Fed before the end of the year, especially as the markets have firmly priced in a key interest rate cut by the European Central Bank in June. However, the rally on the stock markets began to stutter around the middle of the month, as various data pointed to a persistent inflation trend. For example, the purchasing managers' index for the manufacturing sector in the eurozone surprisingly rose from 45.7 to 47.3 points. Although this means that the index is still below the threshold value of 50, from which an expanding economy is expected, the sharp rise was achieved even without an interest rate cut. In addition, wages in the eurozone rose, which will make a lasting contribution to inflation. And in May, inflation in the eurozone rose again from 2.4% to 2.6% year-on-year. Core inflation also rose from 2.7% to 2.9%. While there had been hopes of several interest rate cuts by the ECB prior to these figures, the markets revised these expectations somewhat. The bond markets reacted very differently to this. In Europe, yields on high-quality government bonds rose slightly. At 2.66%, 10-year German government bonds yielded 8 basis points higher than in the previous month. In contrast, yields on their US counterparts fell by 18 basis points to 4.50% because Powell said an interest rate hike was unlikely. The yield on high-quality European corporate bonds remained virtually unchanged from the previous month at 3.92%, while their US counterparts were 21 basis points lower at 5.52%. European high-yield bonds benefited the most from the prospect of a key interest rate cut by the ECB in June. Their yield fell by 34 basis points to 6.61%, while that of their US counterparts fell by only 11 basis points to 8.00%. Gold rose by 1.78% to USD 2,326.99 per troy ounce in May. Shortly before the middle of the month, when hopes of interest rate cuts in the USA were high, a troy ounce briefly cost USD 2,425.